Form 28214 - Ag Commodity Processing Facility Investment Reporting - North Dakota Office Of State Tax Commissioner Page 2
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1
2North Dakota Offi ce of State Tax Commissioner
Ag commodity processing facility investment reporting form
Specifi c instructions for
You must complete and fi le this form for
The following items do not apply at
each qualifi ed investment you receive.
the passthrough entity level, but apply
the eligible taxpayer
Only complete and fi le for qualifi ed
to each owner (that is not another
(investor)
investments.
passthrough entity):
This form is evidence of your investment
•
Complete all applicable items on the
Annual $50,000 usage limitation.
in a qualifi ed business for purposes
form. Unless the investment is made
•
of the agricultural commodity facility
$250,000 lifetime maximum credit.
jointly by married individuals, provide
investment tax credit. Keep it for your
•
the investment information for only one
Unused credit carryover.
records.
eligible taxpayer on each form. For a
Angel fund. If you are an angel fund
Important: Unless otherwise provided
joint investment by married individuals,
(defi ned under N.D.C.C. § 57-38-01.26),
by a change in law, these instructions
provide the name and social security
you are treated like a passthrough entity
only apply to investments you make
number of both spouses.
for purposes of this tax credit, and the
in your tax years beginning on or after
For type of investor, if the eligible
tax credit must be passed through to your
January 1, 2007.
taxpayer is a limited liability company
fund members. However, if your fund
Eligibility for credit. To maintain the
(LLC), check the entity type that the
members also qualifi ed for the angel fund
qualifi ed status of your investment,
LLC is fi ling as for federal income tax
investment tax credit for investing in your
it must remain at risk in the qualifi ed
purposes.
fund, they may not claim both tax credits;
business for a minimum of three years
each affected fund member may choose
In the case of a qualifi ed investment
after the date of investment.
which of the two tax credits to claim.
consisting of a direct transfer (by a
Amount of tax credit. The allowable tax
trustee) of monies from a retirement plan
Recapture of tax credit. If the qualifi ed
credit is 30 percent of the total qualifi ed
account, check “Individual” and enter
business loses its certifi cation because
investments you make during the tax
the name, address, and social security
it made misrepresentations in its
year. The tax credit must be claimed
number of the individual (participant).
certifi cation application, or if either you
fi rst in the tax year in which the date of
or the qualifi ed business fails to satisfy
Filing instructions. Give a copy of the
investment falls. No more than $50,000
any condition set by law or the Offi ce of
completed form to the investor. Keep a
of your allowable tax credit may be used
State Tax Commissioner, the tax credit
copy for your fi les. File a copy of this
in any tax year.
will be disallowed. If the tax credit is
form with each of the following agencies:
disallowed, you must fi le an amended
Unused tax credit carryover. If you are
•
Offi ce of State Tax Commissioner
state return for each tax year in which
unable to use all of your allowable tax
600 E. Boulevard Ave., Dept. 127
the tax credit was claimed and pay any
credit in a tax year because it exceeds the
Bismarck, ND 58505-0599
tax, penalty, and interest due. If you
lesser of your tax liability or $50,000,
are a passthrough entity, you must fi le
•
you may carry over and use the unused
Economic Development & Finance
amended state returns to remove the
tax credit on subsequent tax years’ returns
P.O. Box 2057
disallowed tax credit and issue amended
for up to 10 tax years.
Bismarck, ND 58502-2057
North Dakota Schedule K-1s to your
Lifetime maximum tax credit. You are
For an investment of a fee simple
owners; in turn, your owners must fi le
allowed no more than $250,000 of tax
interest in real property, the copy of this
amended state returns and pay any tax,
credits for all qualifi ed investments you
form fi led with the Offi ce of State Tax
penalty, and interest due.
make in all tax years.
Commissioner must be accompanied by
copies of the (1) appraisal, (2) governing
Contact Information
Passthrough entity. If you are a
body’s resolution approving the value
passthrough entity—partnership,
If you have questions, contact us at:
of the investment, and (3) statement
S corporation, or limited liability
•
of full consideration. See N.D.C.C.
(701) 328-1247
company treated like a partnership or S
§ 57-38.6-03(8) for complete details.
corporation—calculate the total credit
TDD/TTY—call 1-800-366-6888,
without regard to the credit limitations
and ask for (701) 328-1247
and pass it through to your owners
•
based on their respective ownership
E-mail: individualtax@nd.gov
interests. See the instructions to Form 58
•
Offi ce of State Tax Commissioner
(partnership) or Form 60 (S corporation)
600 E. Boulevard Ave., Dept. 127
for more information on reporting the
Bismarck, ND 58505-0599
total credit and the amount passed
through to each owner.
Page 2 of 2
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